Trump's New Tariffs and US-Iran Tensions Weigh on Global Markets

Tariff Uncertainty and Judicial Rulings The U.S.
Supreme Court's ruling that "emergency" tariffs implemented by President Donald Trump are unlawful has increased market uncertainty.
Following the decision, Trump signed a measure under the 1974 Trade Act to impose a 10% global customs duty on all countries, announcing that this rate would eventually be raised to 15%.
This confrontation between the administration and the judiciary has reduced predictability regarding trade policies, raising the risk perception for U.S.
assets.
Geopolitical Tensions and Diplomatic Contacts Relations between the U.S.
and Iran remain a primary focus for investors.
While delegations from both countries are expected to meet again this week, it is anticipated that risk perception could intensify if no concrete results emerge from the talks.
Statements from Trump last week regarding a potential limited military intervention against Iran are keeping geopolitical concerns alive.
Technology Sector and Nvidia Expectations Strategic partnerships among artificial intelligence and technology companies continue to support markets.
New collaborations between Meta, Oracle, and Nvidia have drawn attention, while Nvidia's financial results, to be announced on Wednesday, are of critical importance for the sector's future trajectory.
Investors are monitoring the tech giant's performance as an indicator of growth in the AI field.
Macroeconomic Data and Fed Expectations Recent data from the U.S.
revealed that growth fell below expectations while inflation indicators accelerated.
The core Personal Consumption Expenditures (PCE) price index, closely watched by the Fed, rose by 3% annually in December, exceeding expectations.
This situation has weakened the probability of a Fed rate cut in June, with markets now pricing in a potential cut shifting to July.
Current Market Status The dollar index retreated to 97.5 due to tariff uncertainties, while spot gold rose by 1.2% to trade at $5,160.
Oil prices saw a pullback ahead of the U.S.-Iran meetings, with Brent crude starting the week with a 1% decline at $70.4.